Global Ferronickel To Start Construction of Steel Rebar Plant in Q1 2021

Philippine Stock Exchange

The construction of the $50M Rebar Steel Rolling Plant in Mariveles, Bataan of Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, is scheduled to commence in the first quarter of 2021.

Once commercial operations are underway in 2022, the facility is estimated to have an annual output of 600,000 tons of steel bars.

“We would have wanted to begin construction this year but it has been delayed due to the pandemic, specifically the imposed travel restrictions as some of our technical experts are based abroad,” said FNI President Dante R. Bravo.

To support the operations of the steel plant, FNI has acquired a 40% stake in Freeport Area of Bataan (FAB) port operator Seasia Nectar Port Services, Inc.

The company said this helps ensure easy and steady access to port services in relation to the importation of raw materials, especially during construction.

The Company has surpassed its adjusted shipment target of 5 million WMT and is on track to reach 5.6 million WMT for 2020. –